Wednesday, March 11, 2015

Greek demands for war reparations set creditors on edge

Financial TimesMarch 11, 2015

A provocative Greek demand for war reparations from Germany suggests that relations between the country’s new hard-left government and its European creditors are as rancorous as ever as they embark on fraught discussions over a new bailout.

Alexis Tsipras, Greek prime minister, claims Athens is owed €160bn in compensation for a forced loan to Nazi occupiers and destruction of the country’s assets during the second world war.

“The crimes and disasters wrought by the forces of the Third Reich across Greece and the whole of Europe are still fresh in the memory of our people, and must be preserved among younger generations,” Mr Tsipras said in an emotive speech to parliament on Tuesday night.

He said Greece would “revive and strengthen” a special committee to pursue the reparations claim, warning that German-owned assets in Greece could be confiscated.

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This blog is dedicated to the understanding of the current Greek (but also European) economic, political and institutional crisis. It was created by Prof. Aristides Hatzis of the University of Athens, after many requests by his students who seek a source of reliable analysis on the Greek current affairs. Its aim is to post commentary and reports published mainly in the major U.S. and European media and to encourage a rigorous discussion.